The current market is like we have never seen before. As of now, it is a seller’s market. Their properties are on the market 37% less than last year, prices are almost 30% higher, and sellers are in control. Buyers making quick decisions, paying cash and making no demands of the seller are winning the bids.
In a less active time, buyers were given a 15 day due diligence period which they used to perform their inspections and at times, travel down to see the property if they made the offer from out of town. In today’s climate, due diligence periods are either being reduced or waived completely. Some buyers will have their agents do a FaceTime virtual tour and make an offer on the property without seeing it in person. Gone are the days when buyers had the opportunity to sit and think about the home purchase. Listings are lasting a day or so, sometimes even just hours. Savvy buyers who know what they want, have their agents on call to alert them when a property in their target neighborhood becomes available.